89bio, Inc. Announces Pricing of $250.0 Million Public Offering of Common Stock and Pre-Funded Warrants

SAN FRANCISCO, Jan. 28, 2025 (GLOBE NEWSWIRE) -- 89bio, Inc. (“89bio”) (Nasdaq: ETNB), a clinical-stage biopharmaceutical company focused on the development and commercialization of innovative therapies for the treatment of liver and cardiometabolic diseases, today announced the pricing of its previously announced upsized underwritten public offering of 21,671,428 shares of its common stock at a public offering price per share of $8.75 and, in lieu of common stock to a certain investor, pre-funded warrants to purchase up to 6,900,000 shares of its common stock at a public offering price of $8.749. The pre-funded warrants have an exercise price of $0.001 per share and are exercisable immediately. In addition, 89bio has granted the underwriters of the offering an option for a period of 30 days to purchase up to an additional 4,285,714 shares of its common stock at the public offering price, less the underwriting discounts and commissions. The gross proceeds of the offering to 89bio, before deducting the underwriting discounts and commissions and other offering expenses payable by 89bio, are expected to be approximately $250.0 million. The offering is expected to close on or about January 30, 2025, subject to the satisfaction of customary closing conditions.